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Happy Money Personal Loans Review: Ideal for Consolidating High-Interest Debt

Review Updated
Dana George
Steven Porrello
By: Dana George and Steven Porrello

Our Loans Experts

Nathan Alderman
Check IconFact Checked Nathan Alderman
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

Happy Money personal loans were designed for one purpose: to help you pay off high-interest credit card debt. Strictly speaking, Happy Money isn't a bank. Instead, it partners with other financial institutions to originate loans. Still, if you're asking, "Is Happy Money legit?," the answer is yes. Happy Money loans are for borrowers who are serious about eliminating their credit card debt. In our complete Happy Money review, we'll explore the great things about a Happy Money loan, as well as features that could be improved.

Happy Money

Logo for Happy Money
Rating image, 4.5 out of 5 stars.
4.5/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Minimum Credit Score
640
Loan Amounts
$5,000 - $40,000
APR Range
11.52% - 24.81%
Term Length
24 - 60 months

Happy Money makes loans to pay off other, more expensive debt. Qualified borrowers get rates that are hard to beat and a loan term up to five years.

  • Flexible payoff options
  • Designed to help boost your FICO® score
  • Customer service member advocates offer personal support
  • No application, early or extra payment fees, late fees, or check processing and returned check fees
  • May charge origination fees up to 5%
  • No autopay discounts
  • Funding slower than competitors

Compare the best personal loans

Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.

Lender APR Range Loan Amount Min. Credit Score Next Steps
Fixed: 8.99%-29.99% APR (with all discounts)
$5,000 - $100,000
680
5.20% - 35.99%
$1,000 - $50,000
None

Full Happy Money review

This personal loan is a good fit for: Borrowers with good credit looking to consolidate high-interest debt.

Top perks

Low APRs: Happy Money's APRs are among the lowest personal loan rates. It's likely to be much lower than the interest rate on your credit card. Happy Money is able to keep its interest rates low by accepting highly qualified borrowers and thus minimizing risk to itself. Happy Money requires borrowers to have a higher FICO® Score than many other lenders, as well as a lower debt-to-income ratio than other lenders.

Long loan terms: Happy Money's loan terms range from 24 to 60 months. Borrowers can pick a repayment term that is long enough to give them some breathing room in their budgets. The longer the loan term, the lower the monthly payment but the more interest you pay overall. The shorter the loan term, the less a consumer ends up paying in interest.

No hidden fees: Happy Money only charges one fee: An origination fee of between 0% and 5% of the loan amount. In fact, it's eliminated fees that some other lenders cling to, like late fees, prepayment fees, and returned check fees.

Free FICO® Scores: If you accept a loan from Happy Money, you'll get access to a free FICO® Score that updates once per month. Access to your FICO® Score is valuable, as it allows you to keep track of the three-digit number used by lenders to determine your creditworthiness. As you pay down credit card debt, you'll likely see an improvement in your score as you'll lower your credit utilization ratio. Many free credit scores you find online are just simulations or approximations of your true credit score.

Get a quote without harming your credit score: While this feature isn't unique to Happy Money, it is invaluable. Happy Money will give you a quote for a loan by doing a soft credit check, which won't hurt your credit. Happy Money will only carry out a hard credit check if you decide to move ahead with the loan. This enables you to shop around for a low rate without having multiple inquiries weigh down your credit score.

Large loan amounts: A Happy Money loan can range in size from $5,000 to $40,000, which makes it a great one-stop shop for people looking for loans for debt consolidation.

What could be improved

APR range: The upper range of a Happy Money loan interest rate is in line with the APRs charged by many credit cards -- though credit card interest can add up a lot faster, as you don't have a fixed payment plan.

Minimum loan amount: With a minimum loan amount of $5,000, a Happy Money loan is not the right fit for someone looking to borrow a smaller amount.

How to qualify for a Happy Money personal loan

Happy Money is very clear about the types of borrowers who are likely to get approved for one of its personal loans. Here are the basic Happy Money requirements:

  • Credit score of at least 640
  • Healthy debt-to-income (DTI) ratio (under 50%)
  • Three years or more of good credit history
  • No more than one outstanding installment loan
  • No current delinquencies and no delinquencies greater than 90 days in the past 12 months

Application process

The personal loan application process with Happy Money is simple. It works like this:

  • Fill out an online form and find out what your interest rate will be. Because it's a soft credit check, it does not impact your credit score.
  • If you're happy with the interest rate, select the offer that works best for you -- including how long you want to take to repay the loan -- and finish your application.
  • Review the terms, verify your information, and electronically sign the loan documents.
  • Funds are electronically deposited into your account.

This personal loan is right for you if:

  • You want to pay off credit card debt. Happy Money is solely interested in borrowers who want to use their loans for debt consolidation.
  • You need more time to pay off your balances. Happy Money personal loans are designed for people who need more than two years to pay off high-interest debt. If you have a modest amount of debt that you can repay over the course of a year, a balance transfer card may be a better solution. The best balance transfer cards offer a 0% intro APR for 12 to 18 months.
  • You have a relatively high credit score and a reasonable DTI. Happy Money generally requires a FICO® Score of 640 or higher and a debt-to-income ratio of 50% or less. It is not designed for people who have a lot of late payments or other major negative marks on their credit reports.

FAQs

  • Yes, Happy Money is a legitimate company that's headquartered in California. It offers personal loans to people with good credit.

  • Happy Money does a hard pull on your credit when you're applying for a loan. When you're getting a quote, however, Happy Money does a soft inquiry, which will not hurt your credit.

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